To prepare for the role of Bilbo, Martin Freeman claims that he did consider every aspect of the character's life, including his past relationships with other hobbits.
Its doubtful that Peter Jackson will focus on any sort of Hobbit tryst in his upcoming two-part fantasy adventure. It is, after all, being marketed as a family film. There has also been much debate over the years about Bilbo's sexual persuasion, and that kind of controversy will surely not be courted or commented on here, except maybe in the slightest way.
The Hobbit: An Unexpected Journey was released December 14th, 2012 and stars Ian McKellen, Martin Freeman, Richard Armitage, Ken Stott, Graham McTavish, William Kircher, James Nesbitt, Stephen Hunter. The film is directed by Peter Jackson.